PRHYX vs. VSBSX
PRHYX (T. Rowe Price High Yield Fund) and VSBSX (Vanguard Short-Term Treasury Index Fund Admiral Shares) are both mutual funds - PRHYX is a High Yield Bonds fund managed by T. Rowe Price, while VSBSX is a Government Bonds fund tracking the Spliced Bloomberg U.S. Treasury 1-3 Year Index. Over the past 10 years, PRHYX returned 6.12%/yr vs 1.75%/yr for VSBSX. Their 0.05 correlation means their historical movements had little consistent relationship. PRHYX charges 0.70%/yr vs 0.06%/yr for VSBSX.
Performance
PRHYX vs. VSBSX - Performance Comparison
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Returns By Period
In the year-to-date period, PRHYX achieves a 1.10% return, which is significantly higher than VSBSX's 0.81% return. Over the past 10 years, PRHYX has outperformed VSBSX with an annualized return of 6.12%, while VSBSX has yielded a comparatively lower 1.75% annualized return.
PRHYX
- 1D
- 0.17%
- 1M
- -0.84%
- 6M
- 0.54%
- YTD
- 1.10%
- 1Y
- 4.59%
- 3Y*
- 10.57%
- 5Y*
- 5.91%
- 10Y*
- 6.12%
- ALL TIME*
- 6.20%
VSBSX
- 1D
- 0.05%
- 1M
- 0.15%
- 6M
- 0.61%
- YTD
- 0.81%
- 1Y
- 2.66%
- 3Y*
- 4.39%
- 5Y*
- 1.92%
- 10Y*
- 1.75%
- ALL TIME*
- 1.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PRHYX vs. VSBSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRHYX T. Rowe Price High Yield Fund | 1.10% | 10.44% | 12.07% | 20.05% | -12.48% | 5.22% | 4.99% | 14.69% | -3.30% | 7.40% |
VSBSX Vanguard Short-Term Treasury Index Fund Admiral Shares | 0.81% | 5.08% | 4.39% | 4.23% | -3.87% | -0.69% | 3.09% | 3.51% | 1.52% | 0.35% |
Correlation
The correlation between PRHYX and VSBSX is 0.31, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.31 |
Correlation (3Y) Balances recent behavior with more history. | 0.31 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.13 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | 0.05 |
Over the past year, PRHYX and VSBSX have become more correlated (0.31) than their long-term average of 0.05, meaning their price movements have been converging.
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Return for Risk
PRHYX vs. VSBSX — Risk / Return Rank
PRHYX
VSBSX
PRHYX vs. VSBSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price High Yield Fund (PRHYX) and Vanguard Short-Term Treasury Index Fund Admiral Shares (VSBSX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PRHYX | VSBSX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.50 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 3.74 | -1.71 |
| Martin ratioReturn relative to average drawdown | 9.07 | 14.92 | -5.85 |
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Drawdowns
PRHYX vs. VSBSX - Drawdown Comparison
The maximum PRHYX drawdown since its inception was -30.79%, which is greater than VSBSX's maximum drawdown of -5.77%. Use the drawdown chart below to compare losses from any high point for PRHYX and VSBSX.
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Drawdown Indicators
| PRHYX | VSBSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.79% | -5.77% | -25.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -0.84% | -1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -3.33% | -0.84% | -2.49% |
Max Drawdown (5Y)Largest decline over 5 years | -16.43% | -5.77% | -10.66% |
Max Drawdown (10Y)Largest decline over 10 years | -22.10% | -5.77% | -16.33% |
Current DrawdownCurrent decline from peak | -1.01% | 0.00% | -1.01% |
Average DrawdownAverage peak-to-trough decline | -3.62% | -0.59% | -3.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.21% | +0.28% |
Volatility
PRHYX vs. VSBSX - Volatility Comparison
T. Rowe Price High Yield Fund (PRHYX) has a higher volatility of 0.63% compared to Vanguard Short-Term Treasury Index Fund Admiral Shares (VSBSX) at 0.36%. This indicates that PRHYX's price experiences larger fluctuations and is considered to be riskier than VSBSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRHYX | VSBSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.36% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.50% | 0.99% | +1.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.21% | 1.30% | +1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 1.96% | +3.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.57% | 1.54% | +4.03% |
PRHYX vs. VSBSX - Expense Ratio Comparison
PRHYX has a 0.70% expense ratio, which is higher than VSBSX's 0.06% expense ratio.
Dividends
PRHYX vs. VSBSX - Dividend Comparison
PRHYX's dividend yield for the trailing twelve months is around 6.26%, more than VSBSX's 3.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRHYX T. Rowe Price High Yield Fund | 6.26% | 8.33% | 11.50% | 11.49% | 4.68% | 5.09% | 5.19% | 5.48% | 6.25% | 5.49% | 6.02% | 6.45% |
VSBSX Vanguard Short-Term Treasury Index Fund Admiral Shares | 3.47% | 3.98% | 4.50% | 3.29% | 1.12% | 0.63% | 1.72% | 2.26% | 1.80% | 1.10% | 0.76% | 0.71% |
Frequently Asked Questions
PRHYX and VSBSX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRHYX has higher volatility (0.63%) compared to VSBSX (0.36%). In terms of maximum drawdown, PRHYX dropped -30.79% vs VSBSX's -5.77%.
VSBSX currently has the higher Sharpe Ratio (2.41 vs 1.39), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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